×

Gap Inc same-store sales for holiday quarter soars past estimates

March 1(Reuters) - Apparel retailer Gap Inc reported same-store sales for the holiday quarter blew past Wall Street estimates as shoppers bought more of its low-end Old Navy line of clothing.

Overall same-store sales rose 5 percent in the fourth quarter ended Feb. 3, while analysts were expecting sales to rise 1.2 percent, according to research firm Consensus Metrix.

The company's net income fell to $205 million, or 52 cents per share, in the quarter from $220 million, or 55 cents per share, a year earlier.

Total revenue rose to $4.78 billion from $4.43 billion.

(Reporting by Uday Sampath in Bengaluru; Editing by Arun Koyyur)